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Senate Proceeding on Jul 25th, 2008 :: 5:28:29 to 5:37:01
Total video length: 5 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Robert Bennett

5:28:18 to 5:28:29( Edit History Discussion )

Robert Bennett: to keep your family warm. in this poor economy, with a crashing housing market, banks reporting record losses, joblessness creeping up andre the specter of inflation i looming, too many people simply

Robert Menendez

5:28:29 to 5:28:45( Edit History Discussion )

Robert Menendez: cannot make up the difference out of their own pockets. with home heating oil now at $4.50 a gall lone, if we don't pass this bill, we can face -- gallon, if we don't pass this bill, we can face a

Robert Menendez

5:28:29 to 5:37:01( Edit History Discussion )
Speech By: Robert Menendez

Robert Menendez

5:28:45 to 5:29:01( Edit History Discussion )

Robert Menendez: tragedy of an unimaginable scale this winter. you know, mr. president, these are individuals who work every day, work at some of the toughest jobs in america important to us collectively in our economy and

Robert Menendez

5:29:01 to 5:29:18( Edit History Discussion )

Robert Menendez: our society, and yet they struggle to make ends meet. they're not sitting ate home depending upon the public largess. they work hard every day. many of them working two jobs just to try to make ends

Robert Menendez

5:29:18 to 5:29:31( Edit History Discussion )

Robert Menendez: meet. but they cannot heat their homes this winter without some help. what does it say to us about our values as a nation? i knowi the capitol will be warm, mr. president. i know the leadership offices

Robert Menendez

5:29:31 to 5:29:48( Edit History Discussion )

Robert Menendez: here have fireplaces that will be blaze ago way. no one's going to go -- that will be blazing away. no one's going to go cold in the senate. the question before the senate tomorrow will be: will

Robert Menendez

5:29:48 to 5:30:04( Edit History Discussion )

Robert Menendez: we let americans in this country go old and have to choose between being able to heat their home and put food on the table? will those who have worked a lifetime to help families and communities and

Robert Menendez

5:30:04 to 5:30:15( Edit History Discussion )

Robert Menendez: now find themselves on fixed incomes be told, sorry, you can freeze? these are not dramatic spectacles of something that will not happen. these are the realities of the challenges if we do not act. so,

Robert Menendez

5:30:15 to 5:30:30( Edit History Discussion )

Robert Menendez: mr. president, we ask our colleagues , especially those on the other side, to join us in averting this looming disaster and to vote for the warm in winter and cool in summer act. it's finally time to

Robert Menendez

5:30:30 to 5:30:41( Edit History Discussion )

Robert Menendez: say "yes" to help those who are struggling the most in this economy. finally, mr. president, i want to turn to the third item. we've talked about the housing bill so critical to our collective economy,

Robert Menendez

5:30:41 to 5:30:53( Edit History Discussion )

Robert Menendez: to millions of families who are either in the process of losing their home or on the verge of that challenge, talked about when wen keep people in their home or those who have struggled to be

Robert Menendez

5:30:53 to 5:31:07( Edit History Discussion )

Robert Menendez: able not to be in foreclosure but can't meet the m challenges of heating their homes and their families this winter what we need to do. finally, i want to talk about once again the question of

Robert Menendez

5:31:07 to 5:31:21( Edit History Discussion )

Robert Menendez: energy, the question of gas prices and what we can do. you know, we -- we as descrems beemen working at this for some time -- we as democrats have been working at this for some time. we want to

Robert Menendez

5:31:21 to 5:31:34( Edit History Discussion )

Robert Menendez: increase domestic production, the oil supply now. not more than a decade from now. not in the year 2030 from now. that won't do anything to give anybody relief at the pump tomorrow. it's time

Robert Menendez

5:31:34 to 5:31:47( Edit History Discussion )

Robert Menendez: to put the american people ahead of the big oil companies' bottom line. they've got record profits. we saw that parade start this week with conocophillips. record profits in their quarter. and just

Robert Menendez

5:31:47 to 5:31:59( Edit History Discussion )

Robert Menendez: -- i c't wait to see the next set of record profits we're going to hear from the other oil companies. and yet all we hear from many of our colleagues is, we need to give them more, give them more

Robert Menendez

5:31:59 to 5:32:15( Edit History Discussion )

Robert Menendez: of the federal money, give them more of the federal land, give them more of every break. they are responsible for nothing nothing. thiney are the onlynl entity that can solve our energy future. it's such

Robert Menendez

5:32:15 to 5:32:28( Edit History Discussion )

Robert Menendez: a shame, because that's overwhelmingly what you hear now we believe it is time t to put the american people ahead of big oil. wewe have 68 million acres that, in fact, are already on lease. doubling the

Robert Menendez

5:32:28 to 5:32:37( Edit History Discussion )

Robert Menendez: lease sales in the gulf of mexico, accelerating leasing in alaska where all of the infrastructure is to a large degree already. because when we talk about drilling off the easilt an west coasts -- and

Robert Menendez

5:32:37 to 5:32:51( Edit History Discussion )

Robert Menendez: west coasts, there isn't any drilling infrastructure there. even the president of the american petroleum institute said, well, we don't have the infrastructure. we don't have the drilling rigs.

Robert Menendez

5:32:51 to 5:33:04( Edit History Discussion )

Robert Menendez: we don't have the pipelines. we don't hav e the tanker ports all necessary to do that. so we're talking about a very, very long time, but people need relief in the short term. that's why we've said

Robert Menendez

5:33:04 to 5:33:16( Edit History Discussion )

Robert Menendez: a couple of things. one, less endnd excessive speculation. people sometimes wonder, well, what does that mean? what it smeensat that we hav we tradersad buying huge quantities of oil online intentionally

Robert Menendez

5:33:16 to 5:33:28( Edit History Discussion )

Robert Menendez: inflating prices. and they turn around and they sell it to other traders at even higher prices. now these traders never intend to use the oil. it's. not that they're trading it because they're

Robert Menendez

5:33:28 to 5:33:41( Edit History Discussion )

Robert Menendez: going to end up selling i t to ann entity that is actually going to disbers that oil. the purpose is to bid up the price and cashe in. the problem with that deal is that it might be good for the

Robert Menendez

5:33:41 to 5:33:59( Edit History Discussion )

Robert Menendez: traders and the speculators, but it's t errible news for families who have to pay at the pump. and what is it, in fact, that those who say, well, speculation is really not that important,nt don't

Robert Menendez

5:33:59 to 5:34:17( Edit History Discussion )

Robert Menendez: get about this issue? just yesterday we saw that the commodity futures trading commission, the regulatory agency responsible to make sure that this area of the marketplace is appropriately regulated just

Robert Menendez

5:34:17 to 5:34:31( Edit History Discussion )

Robert Menendez: yesterday they accused a company of make being a million dollars in illegal profits over the course of 11 days. and how did they do it? well, in audio tapes uncovered in the investigation, the

Robert Menendez

5:34:31 to 5:34:50( Edit History Discussion )

Robert Menendez: regulators said that one of the defendants described the scheme as an effort to -- quote -- "bully the market." bully the market by making a large number of trades at or near the end of the trading

Robert Menendez

5:34:50 to 5:35:06( Edit History Discussion )

Robert Menendez: day to move closing prices. and, moreover, unlike many other manipulation cases, this one accuses the defendants of actually succeeding in moving prices that were used as benchmarks for consumer markets,

Robert Menendez

5:35:06 to 5:35:19( Edit History Discussion )

Robert Menendez: a remarkable claim. and so, in essence, what they're saying is they didid bully the market and they did manipulate the market. they made $1 million in 11 days, but it resulted in high prices during

Robert Menendez

5:35:19 to 5:35:36( Edit History Discussion )

Robert Menendez: a period of time for gasoline and crude oil. and guess who paid for that? the consumers of the country. and, yet, notwithstanding even this latest evidence, our friends on the other side said no

Robert Menendez

5:35:36 to 5:35:51( Edit History Discussion )

Robert Menendez: to us on pursuing ending market speculation, havingav moree transparency in the marketplace,ke having the regulators pursue a course that will ensure that what oil companies' executivesve testifying before

Robert Menendez

5:35:51 to 5:36:10( Edit History Discussion )

Robert Menendez: the congress and said that speculation can c account for up to $50 per barrel of oil, well, i'd like to take that $50 out of the cost of oil and end the specu tlation and the type of ma nip whattive

Robert Menendez

5:36:10 to 5:36:21( Edit History Discussion )

Robert Menendez: trading -- in -- manipulative trading that yesterday a commodities -- accused at increasing both oil and gas prices. that's what we had in the senate, but our republican colleagues said no. we also

Robert Menendez

5:36:21 to 5:36:38( Edit History Discussion )

Robert Menendez: believe releasing oil from the strategic petolium reserve is incredibly important. this is a resve. this is a huge reserve we have underground. we buy oil as a country collectively for all of the taxpayers of

Robert Menendez

5:36:38 to 5:36:50( Edit History Discussion )

Robert Menendez: the country, we put it underground and u what's -- what's -- what's the problem? it's a good idea except that we have 97% of it already filled up. we have an excess of a certain type of oil. we're even

Robert Menendez

5:36:50 to 5:37:01( Edit History Discussion )

Robert Menendez: told by the congressional budget office that if we s wap that out and sold a significant element of that, we could do various things. number one the taxpayers would make money on it. number two, we

Robert Bennett

5:37:01 to 5:37:18( Edit History Discussion )

Robert Bennett: could bringou the oil on the marketplace to burst the speculative bubble and therefore try to bring down gas prices. and, number three, we would change the type of oil that wet have for a different

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